Royal Dutch Shell PLC (RDSB.LN) is aiming for starting a production from a greenfield project in Iraq's Majnoon oil field within the next two to three months. This has been revealed by Chief financial Officer Simon Henry, on this Tuesday.
The ramp up in output from the field was delayed while Shell resolved operational and legislative issues relating to the project such as cost recovery and importing equipment, Mr Henry said.
He also told that it is indeed the first Greenfield project and the production does not depend on the operational issues but also upon the legislative issues. He also stated that total output from Majnoon was expected to reach 175,000 barrels a day by the end of the year.
Updated 25 May 2013 | Soruce: Fox Business | By S.Seal